<< Chapter < Page Chapter >> Page >

Economic and management sciences

Grade 6

Your own business venture

Module 12

Market reasearch, production and profitability

1. Market research

  • Before you can become an entrepreneur, you need to identify the needs that exist in your environment. You could focus on the expectations that Grade 4 to 7 learners have as far as birthday parties are concerned. You should choose a particular grade of learner; distribute a questionnaire among those learners and use the information gathered through the questionnaire to identify the existing needs.

Activity 1:

To do market research

[lo 4.2

Case study

John (12) and Annette (10) Collins are invited to parties regularly. Although being fun, parties usually cause Mrs Collins a few headaches. She has to buy a gift, make it up appropriately and decorate it, and then she still has to find an interesting card to add to the parcel. The latter usually is more expensive than the gift.

John and Annette have now thought up a brilliant idea to solve Mrs Collins’ problem: to start their own business, making decorations in general and making and selling cards.

  • To start with, you have to do some market research . This means that you have to collect information to enable you to decide whether your idea is viable. Your market is the group of people who would probably buy what you wish to sell.
  • John and Annette want to find out from the average 10 – 12 year old whether their plan is a good one – and you are going to help them.

Step 1: Use the questionnaire (Annexure).

Provide questionnaires to the group of learners that your class identified as a potential market.

Step 2: Process the information

Draw up a table with a subsection for each of the categories listed below. This will help you to identify the most popular themes.

Categories:

  • Popular decorations.
  • Popular amusement.
  • Preferred invitation.
  • Parent support (Yes/No).

Note down any other important information that you find in the completed questionnaires.

Activity 2:

[lo 4.2]

  • List the 10 most popular themes for birthday parties according to the information gleaned from the questionnaires.

Activity 3:

To design an invitation card

[lo 3.1]

  • Choose any one of the above themes and design a pop-up invitation card based on this theme. Consult books from the library to collect as many ideas as possible. Also bring invitation cards to school to determine the requirements for invitation cards.
  • Sketch the design for the card. Use colour and add adequate labels, together with the required size.

Sources consulted:

Which information should be included on an invitation card? Write this down in brief.

Activity 4:

To do research on the average price of invitation cards

[lo 3.1]

  • Do market research in at least three different shops to determine the cost of available invitation cards and types of cards. Your product will have to be better if it is going to cost more, or cheaper, if it is similar. The cards that are available on the market are referred to as the supply .

2. Making

Activity 5:

To make an invitation card

[lo 3.1]

  • Now make the card (which you designed in Activity 1.5) as well as you can. Bring it to school, exhibit it and ask your classmates to write their honest comments on a sheet of paper provided for that purpose. Incorporate the necessary changes when you make your final product.

Questions & Answers

Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
kanaga
sciencedirect big data base
Ernesto
Introduction about quantum dots in nanotechnology
Praveena Reply
hi
Loga
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
Privacy Information Security Software Version 1.1a
Good
Got questions? Join the online conversation and get instant answers!
Jobilize.com Reply

Get the best Algebra and trigonometry course in your pocket!





Source:  OpenStax, Economic and management sciences grade 6. OpenStax CNX. Sep 08, 2009 Download for free at http://cnx.org/content/col11013/1.1
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Economic and management sciences grade 6' conversation and receive update notifications?

Ask